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Paul wants a home that costs $195,000. He wants to finance the home for 15 years with a 5% annual rate mortgage. He plans to pay $60,000 as a down...

Paul wants a home that costs $195,000. He wants to finance the home for 15 years with a 5% annual rate mortgage. He plans to pay $60,000 as a down payment. Calculate his projected monthly mortgage payment.

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